Candidate number: grh737

Session: May 2018

INTERNAL ASSESMENT
BUSINESS AND MANAGEMENT HL

Title: To what extent do different market research methods,

marketing strategies and tools help in increasing sales in
MONDAY VENTURES PRIVATE LIMITED

Word count:
Research proposal-496
Body-1566

1
 Candidate number: grh737
Session: May 2018

ACKNOWLEDGEMENTS

I Would like to thank the business MONDAY ventures private limited for their

cooperation with this investigation, mainly would thank the Managing Director for they

support and guidance. Also would like thanking the employees who took time to answer

my questionnaire.

2
Candidate number: grh737
Session: May 2018

3
 Candidate number: grh737
Session: May 2018

Table of Contents

Research Proposal............................................................................................................................................. 5

Introduction......................................................................................................................................................... 8

Methodology/ Procedure................................................................................................................................ 9

Main results and findings............................................................................................................................. 10

SWOT analysis.................................................................................................................................................. 10

Ansoff matrix..................................................................................................................................................... 11

Recommendations.......................................................................................................................................... 14

Conclusion.......................................................................................................................................................... 15

Bibliography...................................................................................................................................................... 15

Appendices......................................................................................................................................................... 15

4
Candidate number: grh737
Session: May 2018

5
 Candidate number: grh737
Session: May 2018

Research Proposal

Research question:
To what extent do different market research methods, marketing strategies and tools help
in increasing sales in MONDAY VENTURES PRIVATE LIMITED

Rational:
MONDAY ventures private limited is a partnership business, which is into the software
development services, managing applications and mobile application development
services.
MONDAY venture private limited is not having effective sales due to its marketing.
Since 2 years the profits have decreased, due to this the costs are increasing. So I will be
dealing with how different market research methods, marketing strategies and tools can
help to increase sales of MONDAY venture private limited.

Theoretical framework:
3 HL Topics
Syllabus unit Syllabus area Rational
4.2 Marketing planning Understanding the marketing mix,
 4P’s of marketing mix targeting, market segmentation and
 Target market and focusing on promotion will help in
market segments marketing for MONDAY venture Pvt.

4.4 Market research To understand which and what research

 Primary and secondary will help MONDAY venture Pvt. to sell
research their product to the wider market.
Identifying the potential customers.
4.5 The four P’s To understand which promotion methods
 Types of promotion is best suitable for MONDAY venture
methods Pvt. that will help in marketing the app
WHO CAME IN to increase their sales.

Methodology:
Collecting data- sources of information Reason why?
Primary research To understand:
Interview: The clearer picture of the issue of the
 Managing director business. By interviewing I will be able to
get a detailed response to the question that I
 Managing partner have.
The efficiency of marketing. By
interviewing the marketing department i
 Marketing department will be able to get quick results for
analysis.

Secondary research
 The competition
Analyse data- Business technique
1.3 organizational objectives-
 SWOT analysis template and
 Ansoff matrix
Anticipated difficulties:
General
 Business will have confidentiality and
would not what to provide in depth
information due to it competition
 Secondary research Information could be
limited online because of its competitive
market.
Candidate number: grh737
Session: May 2018
To understand:
Where Monday venture Pvt stands in the
competitive market and also to see their
effectiveness of their marketing through the
website. Will have to research online to
find out competition of MONDAY
ventures Pvt.
Reason why?
By using SWOT analysis I will be able to
understand the businesses and
competitors strengths, weakness,
opportunities and threats.
This will be helpful for market growth
strategies for the business.
Specific
Getting to smallest of the details about
the company and their financial status to
understand the how much the profits are
being affected due to sales, which the
business would not like to share.
 Candidate number: grh737
Session: May 2018
Action plan:
Data completed Action Source- content identified Modified
by: action
20th June 2017 Data collection- Primary  Managing director
Research:  Managing partner
Questionnaires and  Employees
interviews  Marketing department

25th June 2017 Analysis of Data  Managing director 29th June 2017

28th June 2017 Editing and collating  Managing partner

my final data
28th June 2017 Analyzing my final  Managing director
collated data  Managing partner
 Marketing department
10th January Feedback received

31st January Final submission

2018

Word count: 498

 Candidate number: grh737
Session: May 2018

Introduction

MONDAY ventures private limited is a partnership business, which is into the software

development services, managing applications, mobile application development services

and SEO&SEM. They take pride in developing great products and services based on our

motto of “we are what we do” and pay special emphasis on constant innovation and latest

technical know-how. We consider our clients to be partners in the making, with whom we

undertake a mutually beneficial journey to create value1.

MONDAY ventures private limited has developed an application called “who came in”

this a mobile tablet friendly android app, developed to achieve automation of recording

and managing visitor in-flow/out-flow efficiently. Uses a pre-built user defined list of

members with their details including phone number and photographs to identify visitors.

Issues a QR code to every visitor making it easy to record and retrieve data2. This

application is innovative idea but not having effective sales due to its marketing. Since 3

years the profits have decreased, due to this the costs are increasing. So I will be dealing

with how different market research methods, marketing strategies and tools can help to

increase sales of MONDAY venture private limited.

1
http://www.mondays.in/

2
http://whocame.in/
 Candidate number: grh737
Session: May 2018
The main topics under the investigation of MONDAY will be 1.6 organization tools and

4.5 Marketing Mix (four P’s of marketing)

Research question:

To what extent do different market research methods, marketing strategies and tools help

in increasing sales in MONDAY VENTURES PRIVATE LIMITED

Methodology/ Procedure
This investigation requires assembling collected sources of information and collating data

in order to reach to get a well-informed conclusion. In my investigation I will be using

both primary and secondary data in order to have a better view and understanding. The

primary source of data that I will use is interviews and questionnaires. I will be interview

the managing director and partner in order to understand the business and get a good idea

about the problems faced in the business. Questionnaires will be given to the employees

as well as the marketing department to get a second view; this will give a wider and

deeper understanding of the business problems and if there are other problems that are

faced by the employees.

The secondary data that I will be using is Internet sources online, such as the website of

the business and also to get an understanding of the market and also the businesses

competitors as it is always important to have a good understanding about your

competitors. Many times we notice that secondary sources are outdated and not reliable

but since I will mainly be focusing on the primary data the validity and reliability of the

data will be strong.

 Candidate number: grh737
Session: May 2018

The business tools I will be using in order to help analyse the research investigation:

1. SWOT analysis template 1.3 organizational planning tool: situational analysis of

the business.
2. Ansoff matrix 1.3 organizational planning tool to devise Mondays product and
market strategy
3. Marketing strategies

Using these tools will be beneficial for the business, as they will help assess how change

will affect the business and whether change is beneficial to the business.

Main results and findings

 Secondary data

Through my secondary research I found that there are companies like G2evloution,

purpledot, Mobius that do software and application development.

 Primary research

This interview (appendix) with the managing director and partner gave me an

understanding about the current position on Monday Ventures Pvt.

SWOT analysis

Strengths Weakness
 Wide range of products  Restricted market access
 Good customer loyalty  Marketing strategies (lack of
 Who came in application promotion)
 Candidate number: grh737
Session: May 2018
Opportunities Threats
 Improve customer service and  Existing completion
feedback  New entrants into the market place
 Potential profit increase

After understanding the position of the business through the interview with the managing

director I found out that the “who came in” application was a new idea that was an

innovative idea but was not making good sales for the business, which is why deiced to

use Ansoff matrix as an analytical tool to understand the position of the product.

Ansoff matrix

This tool will help MONDAY ventures Pvt to decide on the various growth strategies the

business can take depending on whether it wants to sell new or existing products in either

new or existing markets.

Products
Existing New

Existing Market penetration Product

development
Markets
New Market development Diversification

After understanding the current position through SWOT analysis of MONDAY ventures

Pvt I noticed that innovative application “Who came in” falls under product development,

which is a medium-risk growth strategy which involves new product in an existing

market. This relies on product extension strategies to prolong the demand for the good

that has reached a saturation stage or a decline stage in the product life cycle. Product
 Candidate number: grh737
Session: May 2018
development is also reliant on brand development to appeal to the existing customers and

is a reason fore acquiring other companies.

Through my interview (Appendix 1) with the managing director I understood that

MONDAY ventures Pvt is a product-oriented product, which means that they focus on

selling products that are made by the business rather than making products that, are

required by the customers. Generally for businesses to sell such products the product

needs to be creative and innovative which will tempt the customer to buy the product, this

is highly risky however “Who came in” is a innovative product which can attract

customers but is not able to reach out to the customers in the right way.

MONDAY venture Pvt needs to understand the main role of marketing, which includes

developing products that satisfy needs, including products that enhance society’s quality

of life. The competitive market is always a trouble but using the right strategies to attract

customers will benefit the business. However it is very important to understand your

targeted market and customers because it giver you a better understanding about your

customers and benefits the business from higher sales, growth opportunities and also

mainly it effectively differentiates its products and spread its risks. The business needs set

a SMART marketing objective, it should be specific, measurable, attainable, realistic and

time constrained this will allow the business to stay focused in achieving their objective.

MONDAY ventures Pvt main targeted customers involve schools, apartments, and

community residents, housing societies. To increase their sales and reach out to a wider
 Candidate number: grh737
Session: May 2018
market share the business needs marketing plan, which outlines the firms marking

objectives. This includes a combination of the four P’s of marking mix Product, Price,

Promotion and Place:

Product

Who came in is a consumer product, which is sold to the end user that is a private

individual, which serves the needs and wants of customers. This product is still I its

initial growing stage in the product life cycle. The band development, loyalty and

awareness of this product is not very well known as yet in the market. Branding

awareness plays a major part in the buying of consumer.

Price

Pricing also plays an important role in attracting the customers. If the price is above the

competitors the business will loose out on its sales and so the business needs to keep in

mind to price the product below the competitor’s product.

Place

Place refers to how easily the product is available to customer in the market. For this

business it mainly refers to how easily the application can be found to the customers.

Promotion

This component of the marking mix is very important as it refers to the methods of

communicating messages to the market. This helps spread awareness to customers about

the product. They main objective involves to be informative which allows the customers

how to use the application, the features about the product which is sufficient information

to influence customers to buy the product. Persuasive aims at encouraging the customer

to buy the product and finally reminder aims to constantly remind customer about the
 Candidate number: grh737
Session: May 2018
product. After the interview with the marketing department (Appendix 2) I learnt that

they are only using a website to promote, which is not very effective to reach out to a

wider audience. MONDAY ventures Pvt should be using above the line promotion,

which is paid type of promotional method through independent mass media sources.

Advertising on television, newspapers and magazines and using technology such as social

marketing which includes marketing on Google+, Instagram and Facebook.

Recommendations

Since MONDAY ventures private limited already has their unique selling point which to

it to maintain the security of school, apartments, and community residents, housing

societies all using one single application the only way they can increase sales of the

product is to reach out to the customers using effective promotional strategies.

Which includes advertising on television, newspapers and magazines this allows

everybody to be aware of the product. However when technology is growing the fastest

according to me they should use social networking cites to promote their product because

this product is for the safety of people. Social networking will spread the fastest and will

be more effective than other forms of promotional strategies because people are always

active on social networking cites.

Conclusion
To conclude bases on evidence collected, analyzed and presented it can be concluded that

MONDAY ventures private limited should use social networking as a main form of

promotional strategy by advertising on Google+, Instagram and Facebook. This would

 Candidate number: grh737
Session: May 2018
bring about a good change and allow then to increase their sales in the future which

would also increase they profits.

Bibliography

Internet:

MONDAY ventures private limited www.mondays.in

Who came in application developed by MONDAY ventures private limited

www.whocamein.in

Appendices

Appendix 1
Interview with the managing director and partner

1. Can you please tell me about your business, type, industry, profit based?
This business is about the software development services, managing applications, mobile
application development services and SEO&SEM. It is partnership and is mainly based
in the software industry. And it’s a profit-based organization.

2. What is your motto?

We take pride in developing good products and services based on our motto of “we are
what we do” and on constant innovation and latest technical know-how. We consider our
clients to be partners with whom we undertake a mutually beneficial journey to create
value.

3. What is the main problem are you facing currently?

We are currently facing a problems in increasing sales for the product we created called
“who came in” which is an application that records and manages visitor in-flow/out-flow
efficiently which is mainly for security and surveillance.
 Candidate number: grh737
Session: May 2018
4. Who are your potential customers?
Our customers are mainly schools, apartments, and community residents, housing
societies

5. Who are your biggest competitors? What differentiates your business?

Our competitor includes the software developing companies. The main thing that
differentiates our products is that everything can be managed in one single application.

6. What do you want to achieve through the change?

As of now we want to change the marketing strategy because we are facing a problem of
sales.

Appendix 2
Interview with the marketing department

I am currently aware that you are facing a problem in increasing sales

1. What are the different promotional/marketing strategies that you use?

We are currently using the website that we developed but this way of promoting is not
very effective.

2. According to you if you are launching a new product, how is the marketing done?
Firstly we all sit down and discuss how marketing should be done then we take a vote on
the best for the product.

3. How do you reach out to your customers?

We normally use website and word of mouth but many of the times customers don’t
know what it is until they use it.

4. Where do you sell your product?

 Candidate number: grh737
Session: May 2018
The application can be downloaded through play store then the software has to be bought
from us.